CHFA Advantage Program is a 3% down-payment loan for Colorado home buyers. If you are an eligible buyer, you can benefit of a 30-year fixed rate for purchase & refinance. There is no mortgage insurance required, but the total household income and the purchase price must be within the limits. CHFA Advantage Program is an excellent program if you are looking for a low down payment option. You have to reach a credit score of 680 or higher and to contribute a minimum of $1000 toward the purchase of the home. CHFA Advantage Program enables you to avoid the mortgage insurance costs in exchange of a 3 % down payment. To become an eligible borrower, you have to be a first time homebuyer or an eligible veteran. These requirements don’t apply if you buy your home in a targeted area. Your credit score has to be of at least 700. You are also required to meet income and home purchase price limits and to have a minimum 3 % contribution of the loan amount. CHFA Advantage Program requires you to complete a CHFA-approved homebuyer education class which will help you to better understand the buying process. Contact a participating lender who will guide you through the buying process. 

 

CHFA Preferred Program is a 30-year, fixed rate down payment assistance loan which helps people buying homes in Colorado. This program is designed as a second mortgage interest free loan.  To become an eligible borrower, you have to reach a minimum credit score of 620, to meet income and purchase price limits and to use your home as your primary residence. You are required to purchase your home taking into account the sales price limits and the maximum size of the property (5 acres).

The CHFA Preferred Program may be combined with other down-payment and closing-cost programs and the requirements may vary if the home is situated in a targeted area. CHFA Preferred Program offers you a reduced cost mortgage insurance as long as you can contribute a minimum of $1,000 towards the loan. A 3 % contribution from your own funds is also a must which will allow you access this program.

CHFA Preferred Program requires you to complete a CHFA-approved homebuyer education class which will help you to better understand the buying process. You may chose between a free in-person class and an online class. Contact a participating lender who will guide you through the buying process. 

 

CHFA SmartStep Program is a 30-year, fixed rate down payment assistance program which offers you one of the lowest mortgage rates out of all Colorado’s programs. To become an eligible borrower, you have to meet credit score, purchase and income limits. You may also purchase a second mortgage loan if needed.

CHFA SmartStep Program may be paired with one of Colorado’s down payment/closing cost assistance programs or an MCC.

CHFA SmartStep program requires you to contribute at least $1,000 towards the transaction. You are advised to use a VA or USDA home loan to benefit of a 100% financing; otherwise, you can use an FHA loan (with your 3 % contribution) or a Conventional loan (with your contribution varying from 5% to 10%). There can be cases when your lender may have the proof of some additional cash reserves in your bank account (especially if you, for some reason, are viewed as a higher risk borrower).

CHFA SmartStep Program requires you to complete a CHFA-approved homebuyer education class which will help you to better understand the buying process. You may chose between a free in-person class and an online class. Contact a participating lender who will guide you through the buying process. 

 

CHFA HomeOpener Program is a down payment and closing cost assistance loan which can be accessed by both first-time and non-first time homebuyers. The program has a fixed interest rate and can be followed by a CHFA Second Mortgage or paired with some other Colorado down payment and closing cost assistance, if needed. As an eligible borrower, you can benefit of high income limits compared with other programs and affordable interest rates. You are required to have an income limit of $87,600 (for a 1-2 person household), but it can reach up to $98,600 in certain counties (for a 3+ person household). But if these limits exceed, you won’t be able to qualify for this program. As a non-first-time homebuyer, you cannot own another property.

CHFA HomeOpener doesn’t require any purchase price limits and you need a 620 credit score and a contribution of $1,000 to the transaction.

CHFA HomeOpener requires you to follow a homebuyer education class (for first-time homebuyers) or a Money Management class (for repeat homebuyers). Both classes can be attended in person or through an online provider. You are advised to contact a CHFA approved participating lender who will help you with the application and approval process. 

 

CHFA HomeAccess Program a first-time homebuyer loan program in Colorado designed for people with a permanent disability. As eligible borrower(s), the parent(s) of a child with a permanent disability is/are also allowed. To access this program, you have to contribute at least $750 (even gift funds allowed) and to have a credit score of at least 620. The loan may be subject to the recapture tax provision. CHFA defines the first-time homebuyer as a person who has not had an ownership interest in a primary residence for the three years prior to the mortgage loan closing. You are required to have an income limit of $87,600 (for a 1-2 person household), but it can reach $98,600 in certain counties (for a 3+ person household). But if these limits exceed, you won’t be able to qualify for this program.

CHFA HomeAccess Program requires income and purchase price limits and you are advised to take into account that this program has very limited funding.

CHFA HomeAccess Program requires you to follow a homebuyer education class which can be attended in person or through an online provider. You are advised to contact a CHFA approved participating lender who will help you with the application and approval process. 

 

CHFA HomeAccess Second Mortgage is a 30-year second down-payment and closing costs assistance loan program in Colorado designed for disabled home buyers. As eligible borrower(s), the parent(s) of a child with a permanent disability is/are also allowed.

CHFA HomeAccess Second Mortgage can be combined with the CHFA HomeOpener Plus Program and has to be contracted through the same lender as your primary loan. This second loan allows you to take up to $25,000.  You will be offered up to 3 % of your first mortgage loan amount at the same interest rate. CHFA HomeAccess Second Mortgage Program requires income and purchase price limits and you are advised to take into account that your total household income must be at or below 120% of the Area Median Income (AMI). You have to occupy the home as your primary residence. Moreover, you will be required an ACH (Automated Clearing House) payment and at least $500 of your own money into the loan. CHFA HomeAccess Second Mortgage Program requires you to follow a homebuyer education class which can be attended in person or through an online provider. You are advised to contact a CHFA approved participating lender who will help you with the application and approval process. 

 

Down Payment Assistance Grant is a down payment, closing costs loan that doesn’t need to be paid back. If you qualify as an eligible borrower, you can use the money to make improvements to your new home. Down Payment Assistance Grant offers you up to 3 % of the loan amount or up to 5 % of the purchase price of a home (for home purchasing). The interest rate is higher than the one paid on your first mortgage made through one of CHFA's lending partners, but you won’t have to repay your grant. The lowest interest rate is about 3.75 % and may reach up to 4.5 %. Down Payment Assistance Grant requires that you have a steady employment and your earnings have to cover the mortgage at the given interest rate. Your credit score has to be of 620 or higher, but you won’t be restricted by the first-time buyer requirement. Down Payment Assistance Grant requires you to follow a homebuyer education class which can be attended in person or through an online provider. You are advised to contact a CHFA approved participating lender who will help you with the application and approval process. 

 

Borrower Premium Program is a closing costs loan which allows you to use an amount of either 1 or 2 % of your first mortgage loan. You have to be a qualified borrower to access this program and to live in the State of Colorado. The interest rate is higher than the one paid on your first mortgage made through one of CHFA's lending partners, but you won’t have to repay your gift. The lowest interest rate is about 3.75 % and may reach up to 4.5 %. Borrower Premium Program is a loan program that can offer you up to $3,400 and it supports a first mortgage amount of up to $170,000. Borrower Premium Program requires that you have a steady employment and your earnings have to cover the mortgage at the given interest rate. Your credit score has to be of 620 or higher, but you won’t be restricted by the first-time buyer requirement. Borrower Premium Program requires you to follow a homebuyer education class which can be attended in person or through an online provider. You are advised to contact a CHFA approved participating lender who will help you with the application and approval process.